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Brent oil prices have continued their downward trend following a confirmed break below the $80.65 level. Prices are now approaching the $78.80 mark, with indications suggesting a further decline in the near term. A break below this level could extend the bearish movement, with potential targets at $77.65 and subsequently $75.80.
In the short term, a bearish outlook is anticipated. However, if Brent oil prices manage to rise above $80.65, this could reverse the current negative trend and potentially drive prices up to $82.15.
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Today’s projected trading range for Brent oil is between a support level of $77.75 and a resistance level of $80.75.
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Trend Forecast: Bearish
